Receivership

Receivership guidance:

The receiver’s duty The duty owed by a receiver to a mortgagor when selling a property is the same as that owed by the mortgagee to a mortgagor: • in exercising his power...

Practice Note

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may be appointed by the...

Practice Note

Effect of administration order on LPA receivership Where a company is in administration, any receiver of part of the company's property shall vacate office if the...

Practice Note

Statutory moratorium The appointment of an administrative receiver does not create an automatic statutory moratorium. As such, a company’s creditors may commence or...

Practice Note

The appointment of an administrative receiver does not create an automatic statutory moratorium. As such, creditors are not precluded from commencing or continuing legal...

Practice Note

Impact of appointment The effect of the appointment of an LPA/fixed charge receiver is very different from that of an appointment of an administrator, liquidator or...

Practice Note

A receiver generally acts as agent of the mortgagor in collecting income from and disposing of the assets in respect of which the receiver has been appointed. This...

Practice Note

Employees The appointment by the court of a receiver of the company will have the effect of automatically terminating all employee contracts. The employment contracts...

Practice Note

This Practice Note addresses the Jersey law issues concerning the enforcement of secured immovable property interests in respect of: • Jersey-incorporated entities (or...

Practice Note

This Practice Note: • outlines the main UK tax provisions that apply where a fixed charge receiver sells assets owned by a company, and • answers the important issues...

Practice Note

What are business rates? Business rates are a tax on property used for business purposes. They are charged on most non-domestic properties, such as shops, offices and...

Practice Note

Why an LPA/fixed charge receiver could be invalidly appointed An LPA/fixed charge receiver can be invalidly appointed for two main reasons: • first, if there is some...

Practice Note

This Practice Note considers the interaction between the statutory moratorium under Schedule B1 to the Insolvency Act 1986 (IA 1986), which prevents most creditor or...

Practice Note

When a company or individual is in financial difficulties, a mortgagee will commonly seek to enforce their security by appointing a receiver where they are permitted to...

Practice Note

The Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal mortgage to appoint an LPA receiver. This right may alternatively (and more usually will) arise...

Practice Note

Steps prior to appointment The power to appoint an administrative receiver lies with the holder of a floating charge subject to the following: • the charge pursuant to...

Practice Note

FORTHCOMING CHANGES relating to insolvency and tax: Finance Bill 2019–20 introduces provisions where: • with effect for business insolvencies that commence on or after 6...

Practice Note

This note will cover receivers who are appointed over assets pursuant to statute, including the Law of Property Act 1925. For further details, see Note: Roles, powers,...

Practice Note

This Practice Note covers the procedural aspects following the appointment of a receiver in respect of an Isle of Man company or other corporate entity. In this note, we...

Practice Note

The appointment of a receiver is a remedy for creditors and certain third parties to protect their interest in assets of a company. The creditor will typically be a...

Practice Note

Administrative receivership The position of employees following the appointment of an administrative receiver As a general rule, employees are not immediately affected by...

Practice Note

Remuneration and expenses of a Law of Property Act/fixed charge receiver The Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal mortgage to appoint an LPA...

Practice Note

What is an administrative receiver? The Insolvency Act 1986 (IA 1986) sets out what an administrative receiver is as follows: • a receiver or manager of the whole (or...

Practice Note

This Practice Note covers the roles, powers, duties and liabilities of court-appointed receivers who are appointed pursuant to the Proceeds of Crime Act 2002 or the Drug...

Practice Note

Powers—general The statutory powers conferred on an LPA/fixed charge receiver are very limited and so for a receiver to exercise the duties which his appointing mortgagee...

Practice Note

A note on terminology The Law of Property Act 1925 (LPA 1925) enables a mortgagee of a legal mortgage to appoint an LPA receiver: • when the mortgage moneys become due,...

Practice Note

This Practice Note has been archived and is not maintained. The Insolvency (England and Wales) Rules 2016, SI 2016/1024 (IR 2016) were laid before Parliament on 25...

Practice Note

Administrative Receivership The order of distribution in administrative receivership is not well-delineated in IA 1986 and (from 6 April 2017), IR 2016, SI 2016/1024, and...

Practice Note

Brexit impact This Practice Note is impacted by the decision of the UK on 23 June 2016 to leave the European Union. For further details of the impact on the Recast...

Practice Note